Silk Logistics has confirmed the updated timeline for the potential takeover of the business by DP World Australia following the raising of competition concerns by the ACCC.
The Scheme Meeting, which was originally scheduled to take place on March 31, will now take place on June 20.
The preliminary competition concerns raised by the ACCC in relation to the acquisition of Silk Logistics pertain to the potential for a major stevedore owning one of Australia’s only national door-to-door container logistics providers.
In addition, it is also concerned about the potential for DP World Australia to access and use commercially sensitive data about Silk’s rivals in a way that damages competition.
“The court (Supreme Court of New South Wales) has today issued orders postponing the Scheme Meeting, which will now be held at 10.00am (Sydney time) on Friday, 20 June 2025, at the offices of Deloitte Touche Tohmatsu,” a company statement reads.
“All times and dates remain subject to change. Any changes will be announced by Silk to ASX.
“Silk will keep the market informed of any material developments in relation to the Scheme, including in relation to the decision-making process of the ACCC and FIRB.”
The new timeline of events will be as follows:
- 10am on Wednesday, 18 June 2025: last date and time for receipt of Proxy Forms
- 7pm on Wednesday, 18 June 2025: Scheme Meeting record time
- Friday, 20 June 2025: Scheme Meeting
- Tuesday, 24 June 2025: Court hearing to approve the Scheme
- Wednesday, 25 June 2025: Court order lodged with ASIC and announcement to ASX. Last day of trading in Silk shares
Upon the announcement of the ACCC’s competition concerns, Silk released a statement reinforcing the intention of all company directors who hold or control shares in the company to vote in favour of the acquisition.
DP World Australia also released a statement in which is outlined the “significant benefits to Australian supply chains” it believes the acquisition can deliver.
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